Crib Chatter

This 2-bedroom duplex up loft at 11 N. Green in the West Loop came on the market in mid-May 2018.

If it looks familiar, that’s because we chattered about it in March 2016.

Two years ago, we wondered if it would get multiple bids given the low inventory (and some of you also wondered why we weren’t chattering about more “interesting” properties. Lol.)

See our chatter here.

If you recall, it has 17 foot timber ceilings with exposed brick and a wall of glass block for extra light.

The kitchen looks the same as in 2016, with white cabinets, granite counter tops and stainless steel appliances.

The master bedroom is on the second floor with its own bathroom.

The second bedroom is directly under the master on the main level.

It has central air, washer/dryer in the unit and garage parking is now included.

If you need extra storage there is also a 200 square foot storage space in the basement of the building.

In 2016, it was listed at $435,000 including the parking and sold over list for $446,500.

I’m assuming that meant it got multiple bids.

This go around, it came back on the market at 71% higher than the 2016 sales price, at $599,000.

It has been reduced 8% to $549,999.

But that still means the seller is trying to get a 63% premium in two years.

The new McDonald’s headquarters has opened in the neighborhood and inventory is lower than ever.

Will this loft get the premium?

Weston Harding at X Plus Real Estate has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 2 baths, 1400 square feet, duplex up

• Sold in October 1995 for $194,500
• Sold in September 2000 for $312,000
• Sold in June 2003 for $315,000
• Sold in June 2009 for $332,500
• Was listed in March 2016 for $410,000 (plus $25,000 for the parking)
• Sold in May 2016 for $446,500
• Originally listed in May 2018 for $599,000
• Reduced twice
• Currently listed at $549,999 (includes the parking)
• Assessments are now $407 a month (they were $368 a month in 2016 (includes exterior maintenance, scavenger, snow removal)
• Taxes are now $5289 (they were $4287 in 2016)
• Central Air
• Washer/Dryer in the unit
• Bedroom#1: 16×11 (second floor)
• Bedroom #2: 11×11 (first floor)

This 1-bedroom in the Park View at 2740 N. Pine Grove in East Lincoln Park recently came on the market.

Park View is a 178 unit high rise with a parking garage that was built in 1974.

This unit faces east and has lake views from its balcony.

The listing says it was “just upgraded”.

It has hardwood floors throughout the living room and bedroom.

The kitchen has white cabinets, stainless steel appliances and what looks like new counter tops with an under mount sink.

There’s no central air, but there are wall units.

There’s no washer/dryer in the unit as the building has a laundry room.

And there’s no parking included although the listing indicates that parking is available.

The pictures seem to indicate there isn’t a door to the bedroom.

But this unit is in one of the most prestigious neighborhoods in the city.

And it’s listed at under $200,000, at $199,500.

Is this property more evidence that Chicago has the most affordable major city housing market in America?

Gary Weglarz at Applebrook Realty has the listing. See the pictures here.

Unit #15C: 1 bedroom, 1 bath, 550 square feet

• Sold in May 1992 for $70,000
• Lis pendens foreclosure filed in October 2015
• Deed transferred in May 2017
• Listed in May 2018 for $199,500
• Assessments of $256 a month (includes doorman, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $2135
• No central air but wall unit cooling
• No washer/dryer in the unit- laundry room in the building
• No parking but parking is available in the building
• Bedroom: 13×10
• Living room: 16×14
• Kitchen: 9×7
• Foyer: 8×7

This top floor 2-bedroom at 5412 N. Glenwood in Andersonville came on the market in mid-May 2018.

This is a vintage 3-flat building constructed in 1914.

The unit has many of its vintage features including crown molding, a coffered beamed ceiling and a built-in hutch in the formal dining room.

It has 9.5 foot ceilings and bay windows in the living room.

The listing indicates that this unit used to be a 3-bedroom but the third bedroom was converted into a dining/eat-in kitchen.

The kitchen has 42 inch cabinets, stainless steel appliances and granite counter tops.

The listing says the bathrooms are rehabbed.

This unit has a Florida sun room and a terrace.

It also has the other features buyers look for including central air, washer/dryer in the unit and one exterior parking space.

If you’re looking to live in Andersonville, this building is near the shopping/dining district as well as public transportation.

Andersonville has been one of the hottest neighborhoods but inventory has been sparse.

Yet, this unit has already reduced after less than 2 weeks on the market, cutting $15,100 to $499,900.

Will this sell quickly at the new price?

Patrick O’Brien at Dream Town has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 2003 for $342,000
• Sold in June 2015 for $410,000
• Originally listed in May 2018 for $515,000 (included 1 outdoor parking spot)
• Reduced
• Currently listed for $499,900 (includes 1 outdoor parking spot)
• Assessments of $225 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7512
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×11
• Bedroom #2: 11×11
• Sunroom: 9×7
• Terrace: 8×12
• Kitchen eating area: 11×10

The Illinois Association of Realtors has issued the April monthly sales report:

The city of Chicago saw year-over-year home sales increase 0.1 percent with 2,649 sales in April, compared to 2,647 a year ago. The median price of a home in the city of Chicago in April 2018 was $309,950 up 4.2 percent compared to April 2017 when it was $297,500.

Here are the sales statistics for April since 2007:

• 2007: 2419 sales
• 2008: 1886 sales
• 2009: 1407 sales
• 2010: 1984 sales
• 2011: 1466 sales
• 2012: 1816 sales
• 2013: 2392 sales
• 2014: 2256 sales
• 2015:  2435 sales
• 2016: 2706 sales
• 2017: 2647 sales
• 2018: 2649 sales

Here are the median prices:

• 2007: $289,800
• 2008: $300,000
• 2009: $218,000
• 2010: $225,000
• 2011: $169,000
• 2012: $182,000
• 2013: $223,500
• 2014: $250,000
• 2015: $271,325
• 2016: $286,000
• 2017: $297,500
• 2018: $309,950

“Overall closed sales in April closely mirror last year’s numbers, but the median sales price continues to rise,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group. “Buyers need to act quickly with fewer homes to choose from and shorter market times.”

“April traditionally marks the beginning of the spring selling season, and this year we saw sellers reap the benefit of tight housing inventories in many areas of the state,” said Illinois REALTORS® President Matt Difanis, ABR, CIPS, GRI, broker-owner of RE/MAX Realty Associates in Champaign. “Although we saw many more properties on the market in April, the surge is nowhere close to meeting consumer demand.”

Mortgage rates remained elevated in April with the average 30-year mortgage at 4.47% versus 4.44% in March. But that is up from 4.05% in April of 2017.

Are the higher mortgage rates starting to bite?

The experts don’t think so.

“The Illinois and Chicago housing markets continue their modest upward trends,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “While the effect of rising mortgage interest rates has yet to be felt, consumer sentiment remains strong. For Illinois, job growth remains way behind the national rates and this sluggishness is reflected in the more muted growth of housing sales and prices.”

Statewide, the average time on the market continued to plunge, falling to 54 days versus 61 days a year ago.

Inventory also fell 10.4% to 51,527 from 57,537 a year ago.

The conditions are ripe for further home price increases.

But does tight inventory continue to undermine sales?

April brings gains in Illinois home sales and median prices [Illinois Association of Realtors, Press Release, May 24, 2018]

This 3-bedroom duplex down at 1321 N. Bosworth in West Town came on the market in April 2018.

This building was constructed during the last housing boom, in 2005. There are five units and parking.

It has cherry hardwood floors throughout.

The  kitchen also has cherry cabinets, stainless steel appliances and granite counter tops. There’s also a wine fridge.

The master bedroom suite is in the lower level with the two other bedrooms on the main level.

The master bath has an air tub.

This unit has all the features buyers look for including central air, washer/dryer in the unit and 1-car garage parking.

The property has been reduced $99 since April to $519,900.

That’s just $10,900 above the 2005 purchase price of $509,000 even though the West Town neighborhood is booming.

Is this a deal for a 3-bedroom or does it reflect the magnitude of the prior housing bubble?

Luis Ortiz at Re/Max Partners has the listing. See the pictures here.

Unit #2S: 3 bedrooms, 2 baths, 1538 square feet, duplex down

• Sold in December 2005 for $509,000
• Originally listed in April 2018 for $519,999
• Reduced
• Currently listed at $519,900
• Assessments of $284 a month (includes exterior maintenance and scavenger)
• Taxes of $7923
• Includes 1-car garage parking
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 23×18 (lower level)
• Bedroom #2: 16×10 (main level)
• Bedroom #3: 16×10 (main level)
• Laundry room: 8×5 (main level)

This 3-bedroom vintage single family home at 2244 N. Bissell in Lincoln Park came on the market in March 2017.

Built in 1891, it is on a smaller than standard Chicago lot of 24×74.

The house has most of its vintage features including numerous stained glass windows, millwork, pocket doors, mouldings, custom wood floors (check out the details in the dining room), and 3 fireplaces.

The kitchen has white cabinets, Carrera marble countertops and luxury appliances including a Wolf range and a Subzero refrigerator.

All three bedrooms are on the second floor along with a laundry room.

The house has a big recreational space on the lower level.

It has central air and a one-car garage.

The house has been under contract once since March 2017 but that fell through.

It has now been reduced $100,000 to $895,000.

What’s the catch?

The El runs directly behind the house. For that reason, the listing says you can rent 2 more parking spaces under the tracks at $75 per month each.

Can you learn to live with the El for the right price?

Emily Sachs Wong at @Properties has the listing. See the pictures here.

2244 N. Bissell: 3 bedrooms, 2.5 baths, no square footage listed, 1 car garage

• Sold in September 1989 for $245,000
• Sold in October 1995 for $350,000
• Sold in August 2007 for $846,000
• Originally listed in March 2017 for $995,000
• Under contract- but fell out
• Reduced
• Currently listed at $895,000
• Taxes of $16,437
• Central Air
• 1 car garage- with 2 more spaces available under the El tracks for $75 a month each
• 3 fireplaces
• Bedroom #1: 16×14 (second floor)
• Bedroom #2: 12×10 (second floor)
• Bedroom #3: 15×8 (second floor)
• Family room: 31×20 (lower level)

This 4-bedroom loft-like townhouse at 2222 N. Racine in West Lincoln Park came on the market in March.

If this property looks familiar, that’s because we chattered about it in 2015 which was the last time it came on the market.

See our chatter here.

This is a brick and timber loft building with 16 units which were converted into townhouse like units.

This unit has a wall of windows and sliding glass doors looking out on a private 350 square foot terrace.

There are stone floors on the main floor.

The kitchen has white cabinets and what looks like white and stainless steel appliances.

There are two bedrooms on the second floor along with 2 bathrooms and 2 more bedrooms on the third floor with just one bath.

There’s no basement.

This is the only unit in this complex with an attached garage.

Originally listed in March for $885,000, it has been reduced $46,000 to $839,000.

Price reductions have been rare in 2018.

Should buyers be focusing exclusively on properties with reductions to find the best deals?

Pamela Rueve at Coldwell Banker has the listing. See the pictures and floor plan here.

Unit #5: 4 bedrooms, 3.5 baths, 2500 square feet

• Sold in February 2000 for $374,000
• Sold in August 2002 for $629,000
• Sold in August 2005 for $825,000
• Sold in August 2008 for $865,000
• Sold in September 2011 for $742,500
• Originally listed in June 2015 for $999,900
• Withdrawn
• Re-listed in March 2018 for $885,000
• Reduced
• Currently listed at $839,000
• Assessments are now $391 a month (they were $359 a month in 2015) (includes exterior maintenance, snow removal, scavenger and lawn care)
• Taxes are now $9520 (they were $8835 in 2015)
• Central Air
• Washer/Dryer in the unit
• Includes the only attached garage in the building
• Bedroom #1: 16×15 (second floor)
• Bedroom #2: 10×9 (second floor)
• Bedroom #3: 12×11 (third floor)
• Bedroom #4: 13×10 (third floor)

I’m out of town on vacation so there will be no new posts this week.

With the weather improving (kind of), I will soon head out to various neighborhoods to get some new pictures and see what’s going on at Open Houses.

There’s also a lot of new construction in the neighborhoods, some outside the GreenZone, that I’ll be covering.

Meanwhile, yet another mega project will be announced this week (although it was already “leaked” to the Chicago Tribune over the weekend).

Related will show it’s proposal for the old Spire site in Streeterville.

Currently it’s just a hole in the ground.

According to the Tribune, Related will build two buildings on the site.

1. A 1,000 foot hotel/condo building
2. A 850 foot apartment building

The architect is the same as the one who did the One World Trade Center development in New York.

Here’s the Tribune’s sneak peak article:

Two soaring towers planned for long-languishing Chicago Spire site along Lake Shore Drive [Chicago Tribune, by Bill Ruthhart, May 11, 2018]

This announcement brings up several questions:

1. How many million dollar condos need to be built over the next 5 years? In the last 3 months there have been 3 big “announcements” about skyline changing developments which include luxury condos priced over $1 million (the Holy Name Cathedral site, the renovation of Tribune Tower and now this Spire project). Are there really that many buyers?
2. How many luxury apartments still need to be built? There are thousands currently under construction. Sure, any of these new buildings are still years away, but developers keep betting on strong luxury apartment demand. Will Generation Z live in these buildings?
3. How many hotels does the city still need? New hotels continue to open, including Hotel Zachery at Wrigley Field and the new Moxy on LaSalle in River North.
4. Finally- will ANY of these big developments actually break ground?

Can you keep track of all the huge development announcements?

The latest is currently being called “The 78” after the 78th community the developer believes they will create (Chicago has 77 community designations) on a 62-acre piece of property in the South Loop along the Chicago River.

This is yet another location that was pitched to Amazon for its HQ2.

It will be a mix of commercial and residential space with a big river walk and a hotel.

From the Tribune:

The planned development, submitted to the city on Wednesday and designed by Skidmore, Owings & Merrill, would keep low-rise office and residential buildings closest to the river.

Low buildings with ultrawide floors, which Bailey describes as “sidescrapers,” would include open portions providing views of, and walkways to, the river. Retail, primarily restaurants, would occupy the ground floor of four wide buildings along the 5-acre riverwalk.

Farther east, multiple towers up to 950 feet tall would surround a 7-acre park curving along the path where the river ran until it was straightened to accommodate barge traffic in the 1920s.

Because Roosevelt Road is elevated above the north end of the site, Skidmore, Owings and Merrill LLP’s design is for the site to slope gradually from north to south. A parking structure would connect the upper and lower levels at the north end of the site.

From the Sun Times:

Bailey said the first phase of the project would be an extension of Wells Street south, with construction beginning this summer. Construction on the other elements of the project are slated to start in 2019.

Phil Enquist, the lead designer and a partner at Skidmore, Owings & Merrill, called the project a “once-in-a-generation” opportunity that would feature several acres of green space — including a park that would outline the former curvature of the Chicago River before it was straightened nearly 100 years ago.

Bailey said there was no timetable in place yet for the entire development to be completed, but he said it would be “a long time to reach fruition.”

He also did not have specifics on how many buildings the project would include, or a breakdown of commercial and residential space.

It seems like a lot is on hold, possibly waiting for Amazon to make a decision.

This is another project that could be transformational for the city.

Related has a track record of completing its projects in Chicago.

Will this finally get built?

And if it does, will this push the South Loop into the first tier of GreenZone neighborhoods?

See a lot of pictures and videos from Related on what it might all look like in the following articles:

Developers unveil proposal for new neighborhood on South Loop site [Chicago Sun Times, by Sam Charles and Rachel Hinton, May 10, 2018]

No small plans for 62-acre South Loop site along the Chicago River [Chicago Tribune, by Ryan Ori, May 10, 2018]

This 2-bedroom loft in the Donohue Building at 711 S. Dearborn in Printers Row just came on the market.

This is a west facing brick and timber loft with a finished ceiling with large industrial windows.

One bedroom has a window and the second one does not.

Both are en suite with modern bathroom finishes.

There’s a unique wall of glass, including a glass door, that separates the bedrooms from the living room space.

The kitchen has white European style modern cabinets with quartz counter tops, a Kitchen Aid refrigerator and oven, a Miele induction cooktop and a Bosch dishwasher along with a glass backsplash.

There’s a walk-in kitchen pantry as well as a walk-in closet in the master bedroom.

The loft has the features that buyers look for including central air and washer/dryer in the unit. There’s no parking but it’s available to rent or buy in the neighborhood.

The Donohue is one of the premier loft buildings in the city.

Given that this is a move-in ready property, will this sell quickly?

Bruce Glazer at @Properties has the listing. See the pictures and floor plan here.

You can also see it at this weekend’s Open Houses on Saturday, May 12 from 11-12:30 and Sunday, May 13 from 12-1:30.

Unit #707: 2 bedrooms, 2 baths, 1450 square feet

• Sold in May 1998 for $144,000
• Currently listed for $450,000
• Assessments of $842 a month (includes heat, cable, exercise room, exterior maintenance, scavenger)
• Taxes of $5406
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×11
• Bedroom #2: 14×10